These client were an unmarried couple in a serious relationship. The male had an adult child from a previous marriage.
Their goals were to avoid probate, provide for each other, and provide for their children while also limiting their children’s access to their assets.
We created a trust plan for the male and a will plan for the female. Their documents included:
- A Trust;
- Powers of Attorney for Finances;
- Powers of Attorney for Health Care;
- Advance Health Care Directives;
- Disposition Instructions;
- Two Quit Claim Deeds; and
- An Assignment of LLC Interest.
The Trust enables the male client to provide for his partner and his child, while limiting his child’s access to his assets.
The Wills designate personal representatives to distribute the client’s assets. The male client will only need this if he misses transferring any assets into the trust during his life, in which case the personal representative will be able to do so.
The Powers of Attorney for Finances name people to manage the clients’ assets if they are ever incapacitated.
The Powers of Attorney for Health Care name people to manage the clients’ health care if they are ever incapacitated.
The Advance Health Care Directives detail what types of health care the clients would like if they are ever incapacitated.
The Disposition Instructions state what the clients would like to happen to their remains after they are gone.
The Quit Claim Deeds transfer the male client’s interest in his real properties into his Trust, so it will avoid passing through probate.
The Assignment of LLC Interest transfers the male client’s ownership interest in the LLC into the Trust, so it will avoid passing through probate.
Need estate planning help but not sure where to start? Click the link to check out this free presentation I put together that will answer all your questions (it’s basically the talk I give at potential client strategy sessions):
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